Probate, Trust & Estate Administration
When a loved one dies, it is difficult to deal with the sense of loss and grief, much less the details of their estate. Administering their trust and estate documents requires professional help, unless it is a small estate with simple issues. Here are some of the terms and situations were Koonce Law may be of assistance.
Probate can describe several different types of cases, including estates, trust issues, guardianship/conservatorship, and questions relating to powers of attorney. There is a detailed Probate Code which details the regulations and procedure for probating an estate. When resolving the estate of a deceased individual, the probate process can be lengthy and expensive. For these reasons, many strategies for estate planning focus on avoiding or minimizing the probate process.
Administering a trust can be complicated; there can be tax issues relating to trust and estate distributions, the family may question your decisions, and there are a number of third-party entities that must be dealt with to resolve a trust, including the government, creditors, and financial institutions. For these reasons, we advise you utilize a third party to ensure the trust is administered properly.
Estate Administration refers to the overall process of resolving up one’s assets and liabilities after death. It includes accounting for the assets of the deceased, contacting any necessary third parties, and distributing or managing assets. The administrator of an estate will need to prepare an accounting for assets and liabilities of the individual. Proper notice must be given for any outstanding debts. Finally, after all obligations have been paid, distributions are made. Administering an estate can be a lengthy process and requires diligent accounting and tax work.
Drafting a comprehensive estate plan can save time, money, and strain on family ties.
Contact Us to begin the process today.